Currency Converter provides the spot rate, as it more accurately mimics the rate that you would be charged if you were exchanging money. We are using Oanda as an Exchange Rate service.
It is a seamless combination of a cloud accounting solution and an international money transfer solution that brings together sales and currency conversion, helping you to calculate the exchange rate respectively. Currency converter delivers an end-to-end service in preparing and filing Exchange rates on Transactions in Sage Intacct.
The integration will be established between Sage Intacct and Oanda which will sync the Exchange rate which will update on to any transactions further as per requirement.
Exchange Rates in Transactions
Once a transactions is created in Sage Intacct, the currency converter will pick up the value that needs to convert along with the base currency and target currency into Oanda. Then, Oanda will calculate the respective Exchange rate on the basis of the currency code. This Exchange rate will be updated on the Transactions and will be used for conversion.
On click of the POST button on the Transaction, we will call the GUMU™ service to calculate Exchange Rate from Oanda.
See below image wherein we have Sales Transaction as an example to showcase the functioning of the Currency converter.
The updated rate will also reflect in the standard exchange rate object. Users will set up exchange rate types and transaction currencies. In Sage Intacct, we will store exchange rates for the currency based on the Transaction date.
Credible and Accurate:
It provides direct access to real-time exchange rates, so you can be assured that the data we provide is always accurate and reliable.
Reliable FX data:
Oanda currency converter is a trusted provider and easy to integrate with an existing platform which gives you access to over 30+ years of historical data and rates from over 200 currencies.
This blog gives you a brief understanding of how using Currency Converter Integration, Exchange Rate can be managed for currency conversion in Sage Intacct as per the need of the user.
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